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Glossary

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  28. 0-9
Principal
A dealer who buys or sells stock for his/her own account.
Principal orders
Activity by a broker/dealer when buying or selling for its own account and risk. Also called principal trades.
Principal trades
Private placement
An issue that is offered to a single or a few investors as opposed to being publicly offered.
Privatisation
The conversion of a state run company to PLC status, often accompanied by a sale of its shares to the public.
Probate price
In the UK, the price used to assess the value of shares for inheritance tax purposes. The probate price is calculated by dividing the difference between the bid and offer prices by 4 and adding the result to the lower of the 2 prices.
Program trade
Program trading is defined as a wide range of portfolio trading strategies involving the purchase or sale of 15 or more stocks having a total market value of USD1 million or more.
Prospectus
A document giving the details that a company is required to make public, to support a new issue of shares.
Proximity hosting
The term "co-location/proximity hosting services" means space, power, telecommunications, and other ancillary products and services made available to market participants for the purpose of enabling them to position their computer systems/servers in close proximity to the derivatives transaction execution facility's trade and execution systems. Co-location allows trading firms to place their trading systems next to an exchange’s servers, giving them the ability to execute strategies at high speed through computer algorithms.
Proxy
A form which, when completed by the shareholder, grants another person the authorisation or power to vote on his/her behalf at company meetings.